30 Sep 2026 · TAMA Insight
POJK 16/2026: Framework for the Operation of the Mineral and Strategic Commodities Exchange under OJK
Financial Services Authority Regulation No. 16 of 2026 on the Operation of the Mineral and Strategic Commodities Exchange (“POJK 16/2026”) establishes the regulatory and supervisory framework for the…
Financial Services Authority Regulation No. 16 of 2026 on the Operation of the Mineral and Strategic Commodities Exchange (“POJK 16/2026”) establishes the regulatory and supervisory framework for the Mineral and Strategic Commodities Exchange (“BMKS”) by the Financial Services Authority (“OJK”). This regulation follows amendments to the financial-sector legal framework that bring BMKS within the scope of OJK’s authority. POJK 16/2026 also regulates the institutional structure, trading infrastructure, commodity requirements, governance, and transitional arrangements for the operation of BMKS from the commodities futures trading regime.
1. Regulatory Basis and Scope
POJK 16/2026 regulates BMKS as an organized and integrated market system for the trading of strategic minerals and strategic commodities, including their derivatives. The system covers not only trading activities, but is also supported by clearing, transaction guarantee and settlement mechanisms, electronic storage of ownership records, price and quality formation mechanisms, risk management, digital-based financial instruments, and a funding ecosystem.
This framework places BMKS under OJK supervision and is intended to support the establishment of an Indonesian reference price, strengthen downstream processing and industrialization, enhance competitiveness, and optimize the added value of strategic minerals and commodities. Accordingly, BMKS is designed not merely as a marketplace for commodities, but as a market ecosystem that integrates trading functions with transaction-supporting infrastructure and risk management.
POJK 16/2026 also provides for the operation of BMKS in stages, taking into account the readiness of institutions, market infrastructure, information technology, and market participants. These stages include the establishment and preparation of BMKS operations, commencement of trading activities, development of BMKS products and services, and development of the BMKS ecosystem.
2. Organizational Structure and Allocation of Supervisory Authority
The operation of BMKS involves several parties that collectively form an integrated market infrastructure. These parties include the Exchange, Clearing Institution (“LK”), Electronic Custodian Institution (“LKE”), Exchange Members, Warehouse Operators, Conformity Assessment Institutions (“LPK”), and supporting professionals.
OJK performs regulatory and supervisory functions over the Exchange, LK, LKE, and Trading Intermediaries as part of the Exchange Members. Meanwhile, the Exchange is responsible for supervising Users of Services, other parties acting as Exchange Members, Warehouse Operators, and LPK within the authority granted under the BMKS framework.
Supporting professionals providing services in the operation of BMKS must also satisfy the registration requirements with OJK. This structure establishes a division of supervisory functions between OJK as the authority and the Exchange as the operator, which is responsible for supervising parties within its operational scope.
3. Integration of Trading Functions and Market Infrastructure
One of the key characteristics of BMKS is the integration of various functions that may previously have operated within separate systems. The operation of BMKS covers trading, clearing, transaction settlement guarantees, settlement, storage and management of Electronic Ownership Evidence, risk management, price and quality formation mechanisms, digital-based financial instruments, and a funding ecosystem.
This integration means that commodity transactions are not viewed solely as physical sale and purchase transactions. Commodities that meet the applicable requirements may be represented through Electronic Ownership Evidence, allowing rights over the commodities to be recorded and managed electronically within the BMKS infrastructure.
Under this structure, the relationship between physical commodities, ownership evidence, trading, storage, and settlement forms part of a single system supervised within the BMKS framework.
4. Exchange Requirements and Governance
Any party intending to operate the trading of strategic minerals and strategic commodities, including their derivatives, must obtain an Exchange business licence from OJK. The licence application must be accompanied by various documents demonstrating the applicant’s legal, financial, institutional, operational, and technological readiness.
These requirements include incorporation documents, tax identification, financial projections, business plans, organizational structure, communication facilities, training programmes, the proposed composition of the Board of Directors and Board of Commissioners, draft Exchange Regulations, and audited financial statements or an audited opening balance sheet.
The Exchange is also required to have minimum paid-up capital of Rp1 trillion. From a governance perspective, the Exchange must maintain a Board of Directors and Board of Commissioners structure in accordance with the applicable requirements and implement corporate governance, risk management, compliance, internal audit, and trading surveillance systems.
Changes to the Exchange’s management structure and institutional documents are also subject to OJK supervision. Changes to members of the Board of Directors or Board of Commissioners require OJK approval, while amendments to the articles of association and Exchange Regulations must be submitted in accordance with the approval mechanism stipulated under POJK 16/2026.
5. Trading Supervision and Market Surveillance
The Exchange is required to provide a reliable and secure trading system capable of supporting the continuity of BMKS operations. In addition, the Exchange must maintain a market-surveillance function supported by adequate information technology systems.
Such surveillance enables the Exchange to monitor trading activities, identify unusual transactions or trading patterns, and conduct continuous analysis of market activities.
These requirements place market surveillance as an important component of BMKS governance. The Exchange is not only responsible for providing trading facilities, but also has responsibility for ensuring that trading takes place within an orderly framework and in accordance with the Exchange Regulations and OJK requirements.
6. Clearing Institution and Electronic Custodian Institution
BMKS transactions are settled through an LK, which must obtain a business licence from OJK. The LK performs clearing, transaction settlement guarantees, settlement, and other functions specified under OJK regulations.
The LK is also required to maintain reliable and secure systems and to ensure the continuity of BMKS activities, including the ability to restore its systems in the event of disruption. The LK must have minimum paid-up capital of Rp500 billion.
Meanwhile, the LKE performs the electronic recording, safekeeping, security, and administration of BMKS transactions. The LKE also issues Electronic Ownership Evidence as a representation of rights over minerals or commodities that meet the requirements for trading.
Accordingly, the Exchange, LK, and LKE constitute three key components of the BMKS infrastructure, performing the respective functions of trading, clearing and settlement, and electronic recording and safekeeping of rights over commodities.
7. Tradable Status and Electronic Ownership Evidence
POJK 16/2026 introduces a requirement that commodities traded through BMKS must meet the applicable tradable status requirements. Satisfaction of such status relates to requirements concerning quality, quantity, storage, warehousing, documentation, and other requirements established under the BMKS operational framework.
Once a commodity meets the prescribed requirements, rights over the commodity may be represented through Electronic Ownership Evidence issued by the LKE. Such evidence serves as the basis for recording rights over the commodity within the BMKS system.
This concept distinguishes between the physical existence of a commodity and the electronic representation of its ownership. The commodity remains subject to the prescribed storage and management arrangements, while the rights over the commodity may be recorded and traded within the BMKS trading system.
8. Formation of the Indonesian Reference Price
BMKS also has a function in establishing an Indonesian Reference Price. Prices are formed through trading mechanisms operated in an orderly and transparent manner in accordance with the applicable BMKS requirements.
The price-formation methodology is an important component of market operations because the resulting price may serve as a reference for transactions and economic activities relating to strategic minerals and commodities.
The Exchange has a role in developing the price-formation mechanism and methodology, while OJK performs its supervisory and approval functions in accordance with its authority. Accordingly, the establishment of a reference price is not merely an outcome of trading activity, but also forms part of the market infrastructure and must be supported by an accountable methodology and governance framework.
9. Transfer of Supervision from Bappebti to OJK
The BMKS framework also relates to the transfer of supervisory authority between the Commodity Futures Trading Supervisory Agency (“Bappebti”) and OJK. Starting from 1 January 2027, the regulation and supervision of BMKS will be carried out by OJK.
This change affects licensing, approval, and registration processes that were previously being handled by Bappebti. BMKS-related processes may continue under the OJK regulatory framework in accordance with the applicable transitional provisions.
Licences issued before the transition period will, in principle, continue to have legal effect subject to the applicable transitional provisions. However, certain parties performing core BMKS functions, including the Exchange, LK, LKE, and LPK, must adjust their status to comply with the OJK licensing regime.
Accordingly, the change in authority is not merely a transfer of the supervisory institution, but also involves institutional and licensing adjustments so that BMKS operations can function within a unified regulatory framework under OJK.
10. Implications for Businesses
For businesses engaged in strategic minerals and strategic commodities, POJK 16/2026 introduces a number of operational requirements. Businesses intending to trade commodities through BMKS will need to consider requirements relating to commodity eligibility, storage, documentation, Electronic Ownership Evidence, and the trading mechanisms established by the Exchange.
For infrastructure operators, POJK 16/2026 introduces requirements relating to capital, governance, risk management, information technology systems, compliance, internal audit, and system continuity. Meanwhile, parties performing trading, warehousing, conformity assessment, and supporting professional functions must align their activities with the allocation of authority and requirements applicable within the BMKS ecosystem.
Overall, POJK 16/2026 establishes a BMKS framework that integrates the trading of strategic minerals and strategic commodities with clearing, transaction guarantees, settlement, electronic custody, risk management, and price formation. The regulation also provides the operational basis for the transfer of BMKS supervision to OJK starting from 1 January 2027.
This alert is part of a series examining recent developments in Indonesia’s financial services and commodities regulatory framework, including the establishment and operation of the Mineral and Strategic Commodities Exchange under OJK supervision. Please feel free to contact us should you wish to discuss these developments further.
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